PRECIOUS-Palladium, platinum at multimonth highs, pull gold up
ninemsn.com
By Risa Maeda
* Spot palladium hits 18-mth high, platinum hits 17-mth peak
* Solid buying demand for gold seen near $1,100/oz
* Holdings by SPDR Gold Trust fall 0.914 tonnes
TOKYO, Jan 18 (Reuters) - Spot palladium and platinum hit multimonth highs on Monday, helped by investment demand after the launch of new U.S.-based exchange-traded funds backed by the metals, pulling gold higher.
Following the launch of the funds earlier this month, palladium and platinum have benefited from buying interest as well as expectations that such interest will remain intact for some time.
"I am hearing of U.S. and European dealers buying these metals but I haven't seen Chinese buyers as prices have climbed recently," said Yuichi Ikemizu, the Tokyo branch manager for Standard Bank.
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